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U.S. Manufacturing Index Slips In May

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Unread 05.23.13, 02:00 PM
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U.S. Manufacturing Index Slips In May

05.23.13 12:38 PM

NEW YORK (UPI) — The pace of U.S. manufacturing growth in May slowed marginally from April, Markit Economics data released Tuesday indicates.

It was the second consecutive month in which the pace of growth slowed, the research firm said. Markit, however, noted that the critical new orders index for manufacturers rose in the month.

The figures released Thursday are considered a flash estimate and could be revised.

Markit said the diffuse manufacturing index, the Purchasing Managers Index, slipped from 52.1 to 51.9.

Markit’s index for new orders rose from 51.5 to 52.8. The index for new export orders slipped, however, from 51.8 to 49.4.

The employment index dropped from 53.2 to 52.2.

Figures above 50 indicate growth, while figures below indicate a contraction.

“With the PMI hitting a seven-month low, the U.S. manufacturing economy continues to show signs of weakening. Growth has slowed sharply in recent months, down from an annualized pace of 4.9 percent in the first quarter to just 1 percent in May,” Markit Chief Economist Chris Williamson said in a statement.

“The goods-producing sector is therefore likely to have provided only a modest boost to the U.S. economy in the second quarter, providing further worrying signs that growth remains lackluster,” he said.

First-time jobless claims drop by 23,000Thursday, May 23, 2013 7:43 AMWASHINGTON, May 23 (UPI) –* The U.S. Labor Department said first-time jobless benefits claims dropped by 23,000 to 340,000 in the week that ended Saturday.

The department revised last week’s estimate from 360,000 to 363,000, meaning the prior week’s gain in initial claims filed came to 35,000, not 32,000.

The four-week rolling average for the week fell by 500 to 339,500.

The largest increases in initial claims for the week that ended May 11 were in California (15,060), North Carolina (1,826) and Mississippi (1,341).

The largest decreases were in New Mexico (754), Oregon (751) and New Jersey (747).

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